Banks commit to launching new European Union hubs in Frankfurt as Brexit looms

Nearly 20 banks have committed to launching new European Union hubs in Frankfurt since the Brexit vote with a further 60 firms still in the decision process.

According to the economy minister for the state of Hesse, where Frankfurt is situated, the city is confident it will become home to many financial institutions fleeing Britain in the wake of the Brexit vote.

Several big banks like JP Morgan and Goldman Sachs have already made their location decisions, with a swathe of firms yet to launch Brexit contingency plans.

Tarek Al-Wazir said: “We’ve got 18 entities… that have committed.

“There will be other entities who are in the decision process now, so we’re in contact with some of them – of course, we’re not able to say who they are, but at the end if you compare everything that happened since the Brexit referendum and if you compare the real decisions made, I think we are number one on the continent and I’m sure this will continue.”

Mr Al-Wazir – who made his fifth visit to London since the Brexit vote recently – said financial firms would also be interested in new local labour reforms.

“I always said that if German labour law was that bad Germany wouldn’t have reached the position that it has reached,” he added. “But you know, especially concerning banks and financial institutions, the federal level is now on its way to changing the labour law.”

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